ECB policymaker Makhlouf said he seriously considered a rate increase at this
week's meeting but supported the decision to hold. He said he remains uneasy
about current inflation and that upside risks persist, writing: "I am uneasy
about current inflation. Upside risks to inflation remain; we must stay vigilant
and closely monitor developments." He said ahead of the ECB's December meeting
he will closely watch four areas: whether the energy shock persists and whether
current second‑round effects are fading or intensifying; whether food, goods and
services prices show broader indirect impacts; wage trends; and financing
conditions.
